After a 23% increase over the past 7 days, Bitcoin has fallen back to $79,000, with strong demand for spot ETFs remaining

The price of Bitcoin has retreated after a cumulative increase of 23% over the past 7 days, currently maintaining around $79,000, with a drop of about 1.2% in the past 24 hours. The broader CoinDesk 20 index has fallen by 2.1% in the past 24 hours. The Crypto Fear & Greed Index from Alternative.me has risen from 27 to 74 in less than two weeks, followed by a slight retreat.

However, underlying demand remains strong. According to SoSoValue data, the U.S.-listed spot Bitcoin ETF recorded a net inflow of $314 million on Tuesday, marking the seventh consecutive day of net inflows, bringing the cumulative net inflow for August to over $3 billion. Mercado Bitcoin research analyst Pedro Fontes views $82,000 and $85,000 as the next resistance levels and believes that some consolidation after such a vertical rise is natural.

In terms of derivatives data, the taker long-short trading volume ratio has turned bearish, with shorts accounting for 51.64% of the 24-hour volume; Bitcoin futures open interest has dropped below 700,000 BTC, and the spot price has retreated to $78,500. The combination of these factors indicates that traders are closing positions rather than aggressively adding shorts. Traders on Deribit are chasing call options with strike prices ranging from $82,000 to $100,000. SUI futures open interest has reached a historical high of 838 million contracts, but its spot price has fallen over 5% in the past 24 hours, indicating that short positions are accumulating.